Trade Idea: Bullish Rejection Candle Of A swing Point On The GBPNZD
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Buyers Turn Up On GBPNZD Buy Zone With A Bullish Rejection Candle
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bullish
Key Levels: Current support holds at the 1.9540 area. First resistance area at the 2.0022 with a 4-hour resistance sitting at 1.9800 level.
Price Action Signal: Bullish rejection candle
Chart Notes: Buyers Turn Up On GBPNZD Buy Zone, after price broke out of a recent wedge pattern as seen on my previous post here.
With a strong bullish bias that remains intact
Potential Trade Idea:
I am considering buying this pair, with a break of the recent bullish rejection candle formed.
Targeting a 1-1 risk to reward first target to place the trade into a risk free trade.
With a final target placed at the previous Daily highs and Fibonacci extension at the 2.0443
This setup has plenty of free space back to the recent daily highs, giving the trade idea room to hit my first target.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
Now is your turn:
How are you planning this setup? Perhaps you’re looking to sell this pair? Just leave any question or comments below.
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